CG Capital Partners Global Pte. Ltd. has acquired an indirect majority stake in Union Bank. The completion of the acquisition was formally notified to the Board of Directors of Union Bank on 24th October 2023, with the Colombo Stock Exchange (CSE) duly informed. As the main shareholder of Union Bank through its ownership in Culture Financial Holdings, CG Capital Partners Pte. Ltd. is associated with CG Corp Global, a renowned conglomerate with a robust presence in multiple sectors across Asia.
CG has a significant presence in Sri Lanka, with investments in high-end properties, luxury hotels, and resorts, as well as an increasing focus on the financial services sector. This move reinforces the company’s commitment to supporting Sri Lanka and signifies the confidence of foreign investors in the country. Union Bank’s association with this international powerhouse marks a significant milestone for the bank’s future growth prospects.
Dr Binod K. Choudhary, Chairman of CG Corp Global, expressed the company’s strategic growth approach for Union Bank, aiming to position it among the top private commercial banks in Sri Lanka. He highlighted the potential for further expansions and acquisitions, drawing from CG’s expertise and core competencies. The vision includes exploring opportunities for Union Bank’s expansion into emerging and frontier markets such as Africa, Nepal, and Bhutan.
Indrajit Wickramasinghe, Chief Executive Officer of Union Bank, emphasized the partnership with CG Capital Partners Pte. Ltd. as a significant impetus for the bank’s growth trajectory. With Union Bank’s strong capital position and diverse strategic initiatives, this collaboration further bolsters the bank’s stability and future expansion plans.
Union Bank, with its 28 years of experience in the Sri Lankan financial services sector, provides comprehensive banking solutions for personal, corporate, and SME segments, boasting a robust island-wide branch network. Additionally, it holds strategic diversifications including National Asset Management Limited (NAMAL) and UB Finance Company Limited. Notably, Union Bank has been consistently recognized as one of Sri Lanka’s most valuable brands.
CG Capital Partners Global Pte Ltd, an affiliate of CG Corp Global, operates across various sectors including food and beverages, financial services, infrastructure, real estate, and hospitality. The conglomerate, established in 1935, has a significant global presence, with its headquarters in Dubai and operations spanning 35 countries.
